Courtesy / Google Earth
55 Bradley Drive in Westbrook, a 41,000-square-foot building on 4.08 acres with a mix of tenants, sold for $4.7 million.
July 29, 2021
3 locations, 1 package: Buyer scoops up Southern Maine warehouses for $9.4M
Courtesy / F.O. Bailey Real Estate
216 Riverside Industrial Parkway in Portland, a 14,720-square-foot building on 10.4 acres, sold for $2.075 million.
In an off-market deal, a Maine-based buyer group picked up three fully tenanted warehouse/distribution facilities that are in great shape but are also expected to have significant upside as the leases expire.
The group bought 55 Bradley Drive for $4.7 million, 216 Riverside Industrial Parkway in Portland for $2.075 million and 250 Riverside Industrial Parkway in Portland for $2.625 million.
The total was $9.4 million.
The seller was Two Eisenhower Drive LLC.
David Jones and Robert Baldacci, both of F.O. Bailey Real Estate, brokered the deal.
Machias Savings Bank assisted with the financing.
Quick sale
Jones said the seller is a local real estate investor who approached him about marketing the properties. Jones spoke with Baldacci and the two came up with a buyer in short order.
“It was a great deal, a beautiful package,” Jones said. “Both sides were happy.”
55 Bradley Drive is in Westbrook’s Five Star Industrial Park, near the Portland International Jetport, Maine Mall, and Exits 45 and 46 of the Maine Turnpike. It comprises a 41,000-square-foot building on 4.08 acres. It’s fully occupied with a mix of tenants that include Pratt Abbott Garment Care, DennyMike’s co-packing facility and CyberCopy.
216 Riverside Industrial Parkway 14,720-square-foot building on 10.4 acres that’s home to a NAPA distribution center annex. 250 Riverside Industrial Parkway, a 34,904-square-foot building on 2.7 acres, is occupied by Seabreeze Property Services. The neighboring properties are in Portland’s Riverside Industrial Park.
Features among the three buildings included high ceilings, loading docks and ample parking.
“Warehousing and industrial space, particularly in southern Maine, is almost non-existent,” said Baldacci. “These are great locations, a solid tenant base and some significant upside. As the leases expire, the owners believe they’ll be able to realize some added value.”
Courtesy / Google Earth
250 Riverside Industrial Parkway, a 34,904-square-foot building on 2.7 acres, sold for $2.625 million.
That’s partially due to some of the rents being at a little below market rate, he said.
“So that’s an opportunity,” he said. “The two Portland properties have terrific turnpike exposure as well.”
The buyer group will look at possible upgrades as it learns about each property, he said.
“They’re interested in doing everything they can to continue to upgrade these properties and add more value,” he said.
Most Recent
Most Recent
0 Comments